- Company name
- Halliburton
- Sector
- Oilfield services
- About
- Halliburton Company (Halliburton) is an oilfield services company based in Houston, Texas. It has two segments. Completion and Production, with revenue of $3,089 million in Q3 2026, includes stimulation services. Drilling and Evaluation, with revenue of $2,614 million, includes drilling related services and testing services. North America was $2.2 billion of revenue in Q3 2026 and international markets were $3.5 billion. Total revenue was $5,703 million in Q3 2026 and $16,819 million for nine months. Jeff Miller is Chairman, President and Chief Executive Officer. The common stock trades on the NYSE in US dollars. Halliburton files 10-K and 10-Q reports.
- Thesis
- The price of Halliburton depends on whether international and offshore growth can lift its margin while North America stays weak. Revenue was flat at $5.7 billion in Q3 2026, but adjusted operating margin rose to 12.8% from 12.0% in Q2. The chief executive calls this period one of the largest energy disruptions in history and expects multi-year demand growth for oilfield services. His early outlook for 2027 is mid-single digit revenue growth and operating margins of about 15%, with a flat North America market. For the price to hold or rise, four things must be true. International revenue must keep growing, as it did in the Middle East and Asia in Q3. Margin must rise toward 15% through pricing and cost savings. North America pressure pumping must not weaken more. Halliburton must keep paying for share repurchases and dividends from free cash flow, which was $156 million in Q3. The Q4 2026 report in January 2027 and its 2027 outlook are the next tests. If activity in the Middle East falls, or if customers cut spending, the price can fall.
- Risks
- Demand depends on oil and gas prices and customer spending. Halliburton lists changes in demand and in the capital spending of customers among its risks, and its release mentions the current conflict in Iran.
North America is weak. North America revenue fell 5% from Q2 to $2.2 billion in Q3 2026, because of lower pressure pumping services in the US.
Margin gains are not certain. The early outlook of about 15% for 2027 is above the 12.8% of Q3 2026 and needs both pricing and cost savings.
International work has political and payment risks. Halliburton lists war, sanctions, tariffs, foreign exchange controls and work for national oil companies among its risks.
- Balance sheet
- Cash: $1.8B
Debt: $7.2B
Net debt: $5.3B
Debt due within 12 months: $90M
At September 30, 2026, Halliburton had cash and equivalents of $1,843 million. Long-term debt was $7,072 million and current maturities of long-term debt were $90 million, which is $7,162 million. Net debt was $5,319 million. Cash flow from operations was $368 million and free cash flow was $156 million in Q3 2026. Halliburton repurchased about $250 million of its stock and paid dividends of $0.17 per share in the quarter. Equity of the company was $11,118 million.
As of Sep 30, 2026.
- Checkpoints
- Jan 20, 2027 (estimate): Q4 2026 results and 2027 outlook. Pending. Watch: The outlook for 2027 keeps mid-single digit revenue growth and an operating margin of about 15%, and this passes; a lower margin or flat revenue fails.
Apr 2027 (estimate): Q1 2027 results. Pending. Watch: International revenue keeps growing and adjusted operating margin rises from the 12.8% of Q3 2026, and this passes; a lower margin fails.
- Recent events
- Oct 23, 2026: Halliburton filed its Form 10-Q for Q3 2026. It had 827,126,342 shares of common stock outstanding at October 16, 2026.
Oct 20, 2026: Halliburton reported Q3 2026 results. Revenue was $5.7 billion, adjusted operating income was $731 million and adjusted net income was $0.60 per diluted share. Cash flow from operations was $368 million and free cash flow was $156 million. It repurchased about $250 million of its stock and booked a pre-tax charge of $107 million for impairments and other charges.
Oct 20, 2026: In its Q3 release, Halliburton listed new contracts. They are an integrated well construction and completions contract from Eni for the Cronos development offshore Cyprus, an appraisal contract from bp in the Bumerangue field offshore Brazil, a multiyear agreement with Kuwait Oil Company and a multiyear agreement with Pampa Energia in Vaca Muerta.
Oct 15, 2026: The board appointed David C. Hernandez, president of Hunt Consolidated, as a director. The board has 12 directors.
Sep 15, 2026: The independent directors elected Maurice S. Smith as Lead Independent Director. Robert A. Malone stays on the board.